Wipro shares fall as much as 5 percent after results

Employees walk in the Wipro campus in Bangalore June 23, 2009.
REUTERS/Punit Paranjpe/Files

Shares in India's No.3 software services provider Wipro Ltd (WIPR.NS) fell as much as 5 percent, with traders saying the performance of the company's core IT services segment was not as strong as expected.

Earlier on Friday, Wipro posted an 18 percent gain in third-quarter net profit, with its IT business revenue rising 2.4 percent from the September quarter to $1.577 billion and meeting its own guidance of 1.2 to 3.5 percent.

However, IT business volumes, or the billable hours, fell 1 percent from the previous quarter, according to company data.

At 9:40 a.m., Wipro was down 4.2 percent to 417.50 rupees. Ahead of the results, the shares had risen about 9 percent so far this year.

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